After opening the day in the green, share markets in India witnessed choppy trading activity and are presently trading above the dotted line. Sectoral indices are trading on a mixed note, with stocks in the IT sector and stocks in the pharma sector witnessing maximum buying interest. While stocks in the consumer durables sector are leading the losses.
The BSE Sensex is trading up by 90 points (up 0.3%) and the NSE Nifty is trading up by 15 points (up 0.1%). Meanwhile, the BSE Mid Cap index is trading down by 0.4%, while the BSE Small Cap index is trading down by 0.6%. The rupee is trading at 63.68 to the US$.
In news from stocks in the IT sector. Wipro share price is in focus today.
The company announced that it won a multi-year business process services engagement with Nilfiska leading global supplier of professional cleaning equipment and solutions, headquartered in Denmark.
As part of the contract, which was signed in June 2017, Wipro will leverage its global delivery network to implement business process services for Nilfisk in areas of finance and accounting, marketing services as well as select IT services in 45+ client locations, across the world.
Wipro said it will support Nilfisk in consolidating its back-office Finance & Accounting operations, being delivered from globally diverse locations.
BSE IT Index vis-a-vis Sensex
The Indian information technology (IT) sector has been through the doldrums over the past few years. IT giants have seen flat to negligible growth in the past 3-4 years. However, going by the IT index performance in the past few months, there seems to be some fight left in the IT space. The BSE IT index has grown by 8% since August 2017 as compared to Sensex growth of 6% in the same time period.
This is in stark contrast to its performance over the past four years. The Indian IT Index has returned a meager 19% returns as compared to Sensex returns of 58% since 2013.
